Sprint Nextel Reports Third Quarter 2008 Results
- Free Cash Flow* of $1.1 billion in the quarter
- Cash balance of $4.1 billion at the end of the quarter
- Building momentum around Now Network(TM) and customer experience
- Care Quality - first-call resolution improvement throughout the year
- Ready Now - a revolution in the wireless retail experience to drive data usage
- One Click - a simple, customizable user interface for easy access to applications
- WiMAX 4G - launch of a new era of high-speed mobile internet access
- Positioned to stabilize fourth quarter gross adds
The company's third quarter earnings conference call will be held at 8 a.m. EST today. Participants may dial 866-297-0891 in the US or Canada and provide the following ID 69374133 or may listen via the Internet at www.sprint.com/investor.
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Sprint Nextel Corp. (NYSE: S) reported third quarter 2008 financial results, which included consolidated net operating revenues of $8.8 billion and a diluted loss per share of 11 cents. Adjusted EPS before Amortization*, which removes the effects of special items and non-cash amortization expense, was zero cents. The company reported Free Cash Flow* for the quarter of $1.1 billion.
During the quarter, the company retired approximately $1 billion in principal of debt and incurred a $694 million financing obligation related to the close of its tower transaction. As of Sept. 30, 2008, the company had $4.1 billion of cash and cash equivalents. In November 2008, the company renegotiated the terms of its revolving credit facility, providing greater flexibility regarding its financial covenants.
"During tough economic times, we tightly managed our business to generate and retain cash and maintain substantial liquidity while continuing to reduce debt. At the same time, we made advancements in improving operations and delivering on the promise of the Now Network," said Dan Hesse, Sprint Nextel CEO. "Customer care metrics have improved steadily throughout the year, and external surveys are confirming we're providing a better customer experience."
Hesse added, "Our Ready Now program revolutionizes the wireless data customer experience by personalizing and teaching customers how to take advantage of the capabilities of our Now Network; our One Click handsets allow customers easy access to applications, and we launched our fourth generation WiMAX service in Baltimore, which generated excellent reviews for a new era of high-speed mobile Internet access. All of this positions us to invite new customers to join us as we begin to focus on stabilizing gross adds in the fourth quarter."
CONSOLIDATED RESULTS
TABLE No. 1 Selected Unaudited Financial Data (dollars in millions,
except per share data)
Click to read the full press release
- Cash balance of $4.1 billion at the end of the quarter
- Building momentum around Now Network(TM) and customer experience
- Care Quality - first-call resolution improvement throughout the year
- Ready Now - a revolution in the wireless retail experience to drive data usage
- One Click - a simple, customizable user interface for easy access to applications
- WiMAX 4G - launch of a new era of high-speed mobile internet access
- Positioned to stabilize fourth quarter gross adds
The company's third quarter earnings conference call will be held at 8 a.m. EST today. Participants may dial 866-297-0891 in the US or Canada and provide the following ID 69374133 or may listen via the Internet at www.sprint.com/investor.
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Sprint Nextel Corp. (NYSE: S) reported third quarter 2008 financial results, which included consolidated net operating revenues of $8.8 billion and a diluted loss per share of 11 cents. Adjusted EPS before Amortization*, which removes the effects of special items and non-cash amortization expense, was zero cents. The company reported Free Cash Flow* for the quarter of $1.1 billion.
During the quarter, the company retired approximately $1 billion in principal of debt and incurred a $694 million financing obligation related to the close of its tower transaction. As of Sept. 30, 2008, the company had $4.1 billion of cash and cash equivalents. In November 2008, the company renegotiated the terms of its revolving credit facility, providing greater flexibility regarding its financial covenants.
"During tough economic times, we tightly managed our business to generate and retain cash and maintain substantial liquidity while continuing to reduce debt. At the same time, we made advancements in improving operations and delivering on the promise of the Now Network," said Dan Hesse, Sprint Nextel CEO. "Customer care metrics have improved steadily throughout the year, and external surveys are confirming we're providing a better customer experience."
Hesse added, "Our Ready Now program revolutionizes the wireless data customer experience by personalizing and teaching customers how to take advantage of the capabilities of our Now Network; our One Click handsets allow customers easy access to applications, and we launched our fourth generation WiMAX service in Baltimore, which generated excellent reviews for a new era of high-speed mobile Internet access. All of this positions us to invite new customers to join us as we begin to focus on stabilizing gross adds in the fourth quarter."
CONSOLIDATED RESULTS
TABLE No. 1 Selected Unaudited Financial Data (dollars in millions,
except per share data)
Click to read the full press release
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